Powered by MOMENTUM MEDIA
the adviser logo
Lender

NAB passes on rate cut

by James Mitchell4 minute read
NAB

NAB has announced it will pass on the RBA’s full rate cut to its mortgage customers.

The major bank says it will reduce its variable rate for home loans by 0.25 per cent.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

NAB’s Variable Rate for Home Loans (Standard Variable Rate) will reduce from 5.60 per cent per annum to 5.35 per cent per annum.

NAB group executive of personal banking Gavin Slater said the bank considers a range of factors when making the decision to change interest rates.

Advertisement
Advertisement

“The circumstances of each decision will always vary and we must take into account factors such as competition, regulatory capital requirements and funding costs,” Mr Slater said.

“Today’s decision balances the needs of our home loan customers with our shareholders.”

The change applies to owner-occupier and residential investment variable rate home loans.

For owner-occupiers with NAB’s Variable Rate for Home Loans (Standard Variable Rate), the rate will reduce from 5.60 per cent per annum to 5.35 per cent per annum.

For residential investors with NAB’s Variable Rate for Residential Investment Home Loans, the rate will reduce from 5.75 per cent per annum to 5.50 per cent per annum.

NAB will also reduce its rate on standard variable business rate lending products by 0.25 per cent.

The new rates will be effective from Monday, 16 May 2016.

NAB passes on rate cut
nab  x
TheAdviser logo
nab  x

James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

mark pesce futurist ajxjkn

Automation is changing, not replacing, the role of finance brokers

On Thursday (4 August), the Australian Financial Review (AFR) ran a story with the headline: “Finance brokers top...

READ MORE
des hang carbar zaheer jappie carclarity ta qtvnqr

CarClarity confirms partnership with car subscription platform

Established in March 2020, CarClairty is a finance platform that connects car buyers with more than 30 different...

READ MORE
anthony albanese profile ta vtpifc

Further grants confirmed for flood survivors, $47m pledged

According to a statement released by the federal government, the Back Home grant will be made available to impacted...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more